The debt nightmare before Christmas

According to insurer Cornhill Direct, a fifth of people carry debt to March, while a tenth are still in debt by the next Christmas.

“The huge cost of presents, food, drinks and parties means that an 18-year-old who lives to the average age of 78.5 would pay a whopping £133,129.04 across their lifetime,” stated the insurer.

Cornhill’s warning is the latest in a series of stark appeals for Christmas debt management, as other polls have also revealed the shocking amount of time many take in repaying debt.

The average Christmas reveller will spend £202.48 on parties, Cornhill added, with £693.05 spent on presents for loved ones, £337.27 on friends and even £45.45 on gifts for neighbours, traders and postmen.

With such large bills liable for Christmas, many ought to consider a debt management plan now to ensure that they do not spend the new year paying off yuletide spending.

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ClearDebt proposes and administers Individual Voluntary Arrangements (IVAs). We only provide advice on the basis that there is reasonable contemplation of an insolvency appointment, once it is apparent that an IVA is likely to be the most appropriate debt solution.